Nicosia:Cyprus' six natural gas discoveries in its Exclusive Economic Zone (EEZ) are estimated to hold around 20 trillion cubic feet of resources, according to Energy, Commerce and Industry Minister Michael Damianos. He noted that the first gas from the Cronos field is anticipated in the first half of 2028.
According to Cyprus News Agency, Damianos provided these insights during a panel discussion on 'Energy Security in a Fragmented World' at The Economist's 22nd Annual Cyprus Summit in Nicosia. He mentioned that Eni and TotalEnergies had finalized the investment decision for Cronos in July, with main contracts signed in October.
Damianos explained that the project intends to utilize existing infrastructure in Egypt to deliver natural gas to international markets, primarily targeting Europe. He also detailed the ongoing development of the Aphrodite field, highlighting key agreements with Egypt and the examination of development options by partners in Blocks 5 and 10.
The Minister emphasized the importance of cooperation with Egypt, which allows Cyprus to leverage existing infrastructure, reduce costs, and expedite market access for gas. Additionally, the East Mediterranean Gas Forum was cited as a platform for regional cooperation and dialogue.
Addressing energy security, Damianos underscored the need to diversify energy sources and supply routes, especially in light of the recent crisis in the Straits of Hormuz. He noted that Cyprus' small, isolated electricity system heavily relies on imported fuels, making it vulnerable to price fluctuations.
While acknowledging progress in solar energy, Damianos pointed out the need for enhanced energy storage and grid modernization due to increasing curtailment of renewable electricity. The launch of a competitive electricity market in October 2025 is expected to boost domestic renewable electricity use and lessen reliance on imported fuels.
Damianos also discussed the Great Sea Interconnector project, which aims to connect Cyprus, Greece, and Israel. Describing it as an EU Project of Common Interest, he stressed its potential to improve regional energy security and cooperation.
Regarding the appeal of Cyprus to major energy companies, Damianos highlighted the nation's reliability as a partner and its strategic relations with Israel, Egypt, and Greece. He emphasized the significance of diversifying energy supplies and fostering strong regional partnerships to advance natural gas projects.
Since 2011, Cyprus has drilled 11 exploration and four appraisal wells in its EEZ, resulting in six significant gas discoveries, including Aphrodite, Cronos, and Calypso. International energy companies such as Chevron and ExxonMobil are actively engaged in Cyprus' EEZ. Future plans for the Aphrodite field involve exporting gas to Egypt via a subsea pipeline, with the first quantities expected in 2031. Cyprus and Israel are also working to resolve a dispute over the Aphrodite-Ishai gas reservoir.